An expansion ends when the economy hits a trough and then enters a recession
Indicate whether the statement is true or false
FALSE
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An increase in imports increases aggregate demand
Indicate whether the statement is true or false
If the wage rate rises, labor's share in the total costs of a production process
a. will increase. b. will decrease. c. may increase or decrease depending on the elasticity of demand for the product. d. may increase or decrease depending on the ease of substitution of other inputs for labor.
The infant industry argument is valid if the present value of the stream of national benefits is less than the present value of the stream of national costs.
Answer the following statement true (T) or false (F)
Refer to the graph shown, which shows the demand and supply for a new vaccine against the common cold. Once vaccinated, a person cannot catch a cold or give a cold to someone else. The socially efficient level of output is:
A. greater than or less than Q0 depending on the income elasticity of demand and the effectiveness of the vaccine. B. less than Q0. C. equal to Q0. D. greater than Q0.